Royal Bank of Canada Increases GoDaddy (NYSE:GDDY) Price Target to $145.00

GoDaddy (NYSE:GDDY) had its price objective upped by investment analysts at Royal Bank of Canada from $124.00 to $145.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 17.28% from the stock’s previous close.

A number of other research analysts also recently weighed in on the company. Benchmark reissued a “buy” rating and issued a $150.00 target price on shares of GoDaddy in a report on Wednesday. Barclays raised their price objective on shares of GoDaddy from $130.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday. JPMorgan Chase & Co. upped their target price on shares of GoDaddy from $128.00 to $136.00 and gave the company an “overweight” rating in a report on Tuesday, April 2nd. B. Riley lifted their price target on shares of GoDaddy from $124.00 to $142.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. Finally, Morgan Stanley raised their target price on GoDaddy from $120.00 to $132.00 and gave the stock an “equal weight” rating in a report on Thursday, March 14th. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, GoDaddy currently has a consensus rating of “Moderate Buy” and a consensus price target of $142.73.

GoDaddy Stock Performance

Shares of NYSE GDDY opened at $123.64 on Friday. The firm’s 50-day moving average price is $119.99 and its 200-day moving average price is $106.65. GoDaddy has a 52-week low of $67.43 and a 52-week high of $127.99. The company has a market cap of $17.62 billion, a PE ratio of 10.27 and a beta of 1.09. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 61.07.

GoDaddy (NYSE:GDDY) last issued its earnings results on Tuesday, February 13th. The technology company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.05. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.10 billion. GoDaddy had a net margin of 40.38% and a negative return on equity of 102.82%. As a group, analysts anticipate that GoDaddy will post 4.93 EPS for the current year.

Insider Activity at GoDaddy

In other GoDaddy news, CAO Nick Daddario sold 1,823 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $110.54, for a total transaction of $201,514.42. Following the completion of the sale, the chief accounting officer now directly owns 25,263 shares of the company’s stock, valued at approximately $2,792,572.02. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CAO Nick Daddario sold 1,823 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $110.54, for a total value of $201,514.42. Following the sale, the chief accounting officer now directly owns 25,263 shares in the company, valued at $2,792,572.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Roger Chen sold 4,000 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $114.11, for a total value of $456,440.00. Following the transaction, the chief operating officer now owns 208,632 shares of the company’s stock, valued at $23,806,997.52. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 125,234 shares of company stock valued at $14,025,346. 0.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On GoDaddy

Large investors have recently modified their holdings of the stock. Ameriprise Financial Inc. boosted its stake in GoDaddy by 9.7% during the third quarter. Ameriprise Financial Inc. now owns 6,360,266 shares of the technology company’s stock worth $473,713,000 after buying an additional 561,614 shares during the period. Norges Bank bought a new stake in shares of GoDaddy in the 4th quarter worth about $181,687,000. Jacobs Levy Equity Management Inc. boosted its stake in shares of GoDaddy by 71.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,664,382 shares of the technology company’s stock worth $123,963,000 after purchasing an additional 695,897 shares during the period. Bank of New York Mellon Corp grew its holdings in GoDaddy by 88.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,435,153 shares of the technology company’s stock valued at $106,890,000 after purchasing an additional 674,719 shares during the last quarter. Finally, Northern Trust Corp raised its position in GoDaddy by 36.8% in the 3rd quarter. Northern Trust Corp now owns 1,395,619 shares of the technology company’s stock worth $103,946,000 after purchasing an additional 375,568 shares during the period. Institutional investors own 90.28% of the company’s stock.

About GoDaddy

GoDaddy Inc engages in the design and development of cloud-based products in the United States and internationally. It operates through two segments: Applications and Commerce, and Core Platform. The Applications and Commerce segment provides applications products, including Websites + Marketing, a mobile-optimized online tool that enables customers to build websites and e-commerce enabled online stores; and Managed WordPress, a streamlined and optimized website building that allows customers to easily build and manage a faster WordPress site; Managed WooCommerce Stores to sell anything and anywhere online; and marketing tools and services, such as GoDaddy Studio mobile application, search engine optimization, Meta and Google My Business, and email and social media marketing designed to help businesses acquire and engage customers and create content.